Greenfire Resources Ltd.

Greenfire Resources has agreed to acquire Canada-based Connacher Oil and Gas in an all-cash transaction valued at approximately C$1.27 billion. Connacher is a privately owned thermal oil sands producer with full ownership of the Great Divide oil sands project in Alberta, which is directly adjacent to Greenfire's Hangingstone assets. The Great Divide project is projected to average around 19,500 barrels per day in 2026, with estimated proved plus probable reserves of around 441 million barrels. Upon completion, Greenfire expects combined 2026 production of approximately 34,000 barrels per day and total proved plus probable reserves of 850 million barrels. The deal is anticipated to close in August 2026, subject to customary conditions, and will be financed through a reserves-based loan and a bridge facility, with a standby commitment from Waterous Energy Fund for a planned rights offering.